TrueMoney partners with Shield to combat fraud

TrueMoney partners with Shield to combat fraud

TrueMoney, a major digital financial service provider in Asean, has signed a partnership deal with Shield, a global risk intelligence firm, to pursue "risk intelligence" through artificial intelligence (AI) tools to stop fraud and drive financial inclusion in the region.

The memorandum of understanding for cooperation was signed yesterday as TrueMoney aims to become the first mobile fintech with an AI-based risk intelligence platform and end-to-end checkpoint protection.

TrueMoney wants to grow its customer base to 30 million in Thailand this year, up from 24 million in 2021. It targets reaching half the country's population next year, said Monsinee Nakapanant, co-president of Ascend Money, the operator of TrueMoney.

She said TrueMoney Wallet has experienced explosive growth over the past year thanks to an uptick in contactless transactions across the region.

TrueMoney provides financial services across six countries in the region, covering Thailand, Cambodia, Myanmar, Vietnam, the Philippines and Indonesia.

Ms Monsinee said cybersecurity is critical for all online activities. A risk intelligence platform is needed to boost users' trust amid the rise of cyberthreats, she said.

With the partnership, Shield provides tech support for the risk intelligence platform to stop fraud. Enterprise AI is Shield's enterprise-grade fraud prevention technology.

This AI-powered technology can detect new and unknown fraud patterns, which can empower TrueMoney to protect users, said Ms Monsinee.

TrueMoney also plans to leverage various key Shield features to create safety and build up user trust, she said.

Shield ID identifies every user and device across ecosystems, while risk indicators can uncover tools or techniques adopted to commit fraud. Shield Sentinel can allegedly identity the exact moment a user begins exhibiting malicious behaviour.

Shield's Link Analysis can identify coordinated fraud attacks, while Feature Platform creates sophisticated models and risk policies tailored for enterprise requirements, said TrueMoney.

Ms Monsinee said the risk intelligence partnership will upgrade front-end services such as know-your-customer biometrics or facial recognition, AI-based platforms, authentication platforms, big data for risks, device profiling and fraud monitoring systems.

"TrueMoney is applying for an e-wallet licence in Malaysia, in line with the plan of its parent Charoen Pokphand to launch Lotus and Makro stores in that country," she said.

Justin Lie, chief executive of Shield, said fraudsters are shifting online and it is critical to ensure a safe digital ecosystem to build customer trust.

A risk intelligence platform can help protect users from fraud and earn the trust of consumers using financial services, he said.

Do you like the content of this article?
COMMENT

AIS touts growth, trust and sustainability

Advanced Info Service (AIS) is gearing up for a "growth, trust and sustainability" journey as the theme for its corporate customer business this year while the country's biggest mobile operator by subscriber base aims to ride the wave of digital transformation among enterprises following the pandemic.

09:42

BE8, Bluebik establish joint venture to pivot to green tech

Beryl 8 Plus and Bluebik, two leading digital transformation consulting firms, have established a joint venture to pivot to green tech domestically and overseas.

08:18

Chinese seek quick move

Condos in Thailand are attracting Chinese buyers as they want to speed up relocation to the country due to concerns over the future of Beijing's zero-Covid policy.

07:13